In 2017, the Nevada Legislature passed a law allowing local governments to enact Commercial Property Assessed Clean Energy (C-PACE) programs. The goal was to make long-term, fixed-rate capital financing available for energy efficiency projects at a low cost. The concept is similar to “special improvement districts,” or SIDs, which affect many homes in the valley.
SIDs are created to finance infrastructure projects like roads and utilities, and get recorded as a lien against the properties benefiting from the work. Owners then pay the SID back through their regular tax bill. C-PACE is similar except that it involves private lenders in the hope of making the financing terms more flexible.
Read the full article in the Las Vegas Sun.